Is zakat obligatory on money saved in the bank, even though its owner is in debt and has bought a house with it in his home country to live in, while he resides in another country?

The majority of scholars hold that the religion prohibits Zakat on hidden wealth (gold, silver, cash, and trade goods). Therefore, at the end of each lunar year (hawl), you must determine what you possess in cash, the rent for your house, and due loan installments. If the total of what you own in cash or trade goods is sufficient to pay off your debt and a nisab (minimum taxable amount) remains thereafter, then Zakat becomes obligatory upon you. However, if what you own falls below the nisab after paying off the debt, then no Zakat is due from you. The Sharia nisab for banknotes is approximately equivalent to eighty-five grams of gold, and the amount of Zakat that must be paid out is one-quarter of one-tenth (2.5%).